Iran, Oman reach initial agreements to sign PTA

Top ministers from Iran and Oman have reached an initial understanding to sign a preferential trade agreement (PTA) between the two countries.

Iran’s minister of finance Ehsan Khandouzi said on Monday that he had agreed to a proposal from Oman to sign a PTA between the two countries.

“We fully agree with this proposal and will support the issue in the Cabinet,” Khandouzi was quoted as saying by the news service of Iran’s Ministry of Economic Affairs and Finance.

He said, however, that Iran and Oman plan to go beyond a PTA in their growing trade and economic relations by engaging in joint investment schemes.

The minister made the remarks following a meeting in Tehran with Oman’s Minister of Commerce, Industry, and Investment Promotion Qais bin Mohammad Al Yousef.

Qais is heading a 200-member trade and business delegation to Iran EXPO 2023, an event held from May 7 to 10 in Tehran to boost Iran’s export capacities.

The Omani minister said in the meeting with Khandouzi that his country is seriously determined to expand trade ties with Iran, adding that he had become surprised to see the extent of industrial progress in Iran during the visit to the Iran EXPO 2023 event.

President of Iran Chamber of Commerce Gholam Hossein Shafei also said on Monday in a gathering attended by Qais and his delegation that trade between Iran and Oman can easily reach $3 billion per year considering the rapid rise in exchanges between the two countries over the past few years.

Trade between Iran and Oman reached some $1.8 billion in the Iranian calendar year to late March, up 41% from the previous year, according to figures by the Iranian government.

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